FKP probes Kiwi asset

New Zealand-listed retirement village operator Metlifecare has appointed investment bank Goldman Sachs & Partners to undertake a strategic review of its capital structure and ownership.

The review, to be completed in the next 10 days, comes as the Australian group that owns 82 per cent of Metlifecare, the unlisted $1.3 billion Retirement Villages Group (RVG), is under pressure to restructure.

FKP Property Group
is to take sole control of RVG as
Macquarie Group
exits as co-manager amid dissatisfaction among major superannuation fund investors about the group’s performance.

RVG turned in a $49.6 million loss last financial year and it sold Australian retirement villages at a discount in order to pay down debts. The group must raise at least $78.1 million in capital by the end of December.

This could see it sell down part of its holdings in Auckland-based Metlifecare, which said it wants a more liquid share register to capitalise on growth opportunities.